San Francisco Giants sign Madison Bumgarner to 5-year extension

By Alex Pavlovic apavlovic@mercurynews.com

Posted:
04/16/2012 12:19:56 PM PDT

Updated:
04/16/2012 10:00:22 PM PDT

The Giants found a championship blueprint in 2010 and they don't intend to change it.

Two weeks after signing Matt Cain to a record-breaking contract extension, the Giants locked up 22-year-old left-hander Madison Bumgarner, keeping another key pitcher in orange and black for years to come. Bumgarner's five-year extension guarantees him $35 million and includes two additional option years.

Bumgarner, Cain and Tim Lincecum all are under contract through next season, and option years could keep Bumgarner and Cain side-by-side through at least the 2018 season.

"We've made no secret of our strategy -- our strategy is to lock up as many homegrown players as we can," Giants president and CEO Larry Baer said Monday. "Our baseball people feel strongly about Madison and feel strongly that he's the right person to take us well into the future and solidify our pitching staff for years to come."

Like Cain's deal, Bumgarner's extension could increase significantly in value.

The deal will guarantee Bumgarner $40 million if he reaches "Super Two" status, which allows a small percentage of players to file for arbitration before they reach three years of service time. That's a 50-50 proposition at this point and is dependent on the service time of fellow young major leaguers. In total, Bumgarner's new contract could be worth a maximum of $70.5 million if he hits all the escalator clauses and is a Giant through both option years.

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The deal buys out all of Bumgarner's arbitration years and his first year of free agency, and could take him through three years of free agency.

"There are two sides to it, and it comes down to what's best for you and your family," he said. "Now I just have to go out there and pitch. It kind of took a weight off my shoulders."

The same is true for the Giants' front office. While Bumgarner got a limited no-trade clause, the contract will be extremely team-friendly if Bumgarner -- who has a 3.12 career ERA and proven postseason success -- hits the heights that the Giants and many around baseball anticipate he will.

The 2018 option can be picked up by the Giants or vest if Bumgarner hits innings marks, and the 2019 option is team-controlled. Both options are worth $12 million but can escalate to $14 million if Bumgarner finishes in the top three in Cy Young Award voting or $16 million if he wins one.

At any of those rates, Bumgarner, who won't turn 30 until the final option year, could be a steal.

"It makes you very comfortable knowing that you have your guys tied up," manager Bruce Bochy said. "It's great strategy on the part of the Giants."

The Giants aren't done strategizing. Vice president of baseball operations Bobby Evans said the club reached out to the agents for both Lincecum and Buster Posey on Monday to "remind them of our view of them as priorities."

Evans said it's unlikely that an extension for either player will get done during the season but added: "Never say never."